Metro majority shareholder in Mexico
Metro International will acquire minimal 15 percent of the total equity of Publimetro Mexico from Inmobiliaria Torraco, S.A.
Torraco Investments now holds 23.54 percent of the company, valued at US$ 5.15m (€4m). Based on the current agreement, the third partner of Publimetro Mexico, MX Shares, has pre-emptive rights to acquire the remaining 8.54 percent of Torraco Investments, or else Metro will acquire the full 23.54 percent.
Metro now controls 49% of the shares, meaning it will be a majority shareholder once the deal is closed.
Publimetro Mexico recorded sales of €7.8 million in 2009, with high growth rates (50 percent in Q1) expected to continue in the coming years. The operation showed profitability in its second year after launch in 2007 with EBIT margins between 15-20 percent.
The paper distributes 180,000 daily copies in Mexico City and Monterrey.